Chicago Fed National Activity Index
CFNAI • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
-0.10
Year-over-Year Change
-16.67%
Date Range
3/1/1967 - 6/1/2025
Summary
The Chicago Fed National Activity Index (CFNAI) is a comprehensive measure of overall U.S. economic performance across multiple sectors. It provides a single, broad indicator of economic momentum by synthesizing 85 different economic indicators into one composite metric.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This index tracks national economic activity relative to its historical trend, with zero representing trend growth and negative values indicating below-trend performance. Economists and policymakers use the CFNAI to assess the current state of the U.S. economy and potential turning points in economic cycles.
Methodology
The index is calculated by the Federal Reserve Bank of Chicago using a weighted average of 85 monthly indicators from production, income, employment, and consumption categories.
Historical Context
The Federal Reserve and financial analysts use this index as a key input for assessing economic health and potential monetary policy decisions.
Key Facts
- Covers 85 different economic indicators across multiple sectors
- Zero represents trend growth, with negative values indicating economic slowdown
- Updated monthly by the Federal Reserve Bank of Chicago
FAQs
Q: What does a negative CFNAI value mean?
A: A negative CFNAI value suggests economic activity is below its historical trend, potentially indicating economic weakness or a slowdown.
Q: How often is the CFNAI updated?
A: The Chicago Fed National Activity Index is updated monthly, typically near the end of the month following the reference month.
Q: What economic sectors does CFNAI cover?
A: The index incorporates indicators from production, income, employment, and consumption sectors to provide a comprehensive economic overview.
Q: How do policymakers use the CFNAI?
A: Policymakers use the CFNAI to assess overall economic conditions and potentially inform monetary policy decisions at the Federal Reserve.
Q: What are the limitations of the CFNAI?
A: While comprehensive, the CFNAI is a lagging indicator and should be considered alongside other economic metrics for a complete analysis.
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Citation
U.S. Federal Reserve, Chicago Fed National Activity Index [CFNAI], retrieved from FRED.
Last Checked: 8/1/2025